The PBOC drained a net 300 billion yuan from the market through open market operations last week.

In early trade on Wednesday, the volume weighted average of the seven-day repo rate was at 2.3706 percent, down 10.37 basis points from the previous closing average rate. ($1 = 6.8556 Chinese yuan renminbi) (Reporting by the Shanghai newsroom; Editing by Paul Tait)